Actuaries are responsible for compiling and analyzing statistics, and are usually required to have a degree in mathematics, statistics or computer science. Many IT program managers are required to have years of experience supporting technology projects as well as a bachelor's degree. UX managers are often required to have a bachelor's degree in computer science, engineering or a related field.
Like UX managers, systems architect roles tend to require a bachelor's degree in computer science, engineering or a related field. Many employers require plant managers to have at least a bachelor's degree, as well as project management experience and good communication skills. According to one Glassdoor job description , a scrum master is required to have background experience in business development, quality assurance or technical development. For this role, employers require candidates to have a bachelor's degree in physics, engineering or math.
Jessica, you are a woman after my own heart. I am a few years older than you, and just as responsible. I have a in my own name, which will be transferred to my child once it is actuallly conceived! Good for you, especially as a woman in a field that is so dominated by men!
This is great! How can people think the economy is bad with this type of income? People are silly. Financial Samurai: helloo, this is certainly not the majority of people that are engineers. When I first started working after college, I was making about the same as all of my friends. Maybe a little bit more. I also was the by far most frugal of the bunch. The added expense of needing someone to take care of this stuff for me is not exorbitant, but it does require me to think about making even more money to offset the costs if I want to continue to save more.
It seems that income discrepancies have less to do with lifestyle than having kids and other responsibilities. I am 29 years old, I work for an Intelligence Company overseas, and make about k I am a contractor and only doing the gig for one year. It feels great seeing those paychecks coming in, knowing that I can build a huge nest egg in a short period of time. The biggest change was how much I could save and the fact that I had to move to the Middle East for a year. I had very little debt a few grand on my credit card , so all of my money has gone into savings or investments of some sort.
I also allowed myself some spending money for a two week vacation to Portugal my first real vacation. As far as friends. I generally hang out with people who are like minded when it comes to finances. Family is a different story. Hello, How did you handle it with your family? I have lots of friends in Africa who are making 3x less than me still working a lot more than me. Some asked to borrow money, some to invest in their businesses and others to pay their rents.
I am 29, and own and operate a small physical therapy private practice. Patients are seen for wellness concerns as well as acute and chronic injuries. They are treated primarily with an array of manual hands on techniques and instructed in exercises plus lifestyle modification. Doors opened 11 months ago, and we just cleared , The practice is in a northern Virginia suburb outside of DC. I feel really blessed to have had a successful year. Plus I have made excellent connections with other holistic practitioners. This I feel is the greatest achievement, in that advancement of conscious living, and healthy lifestyles are a valuable part of our future.
I would love to share this knowledge with other physical therapists. I think many dont feel comfortable taking on a business persona. But to speak and learn from someone who has done it, ideally in a mentor capacity can be valuable to the clinician and the public. By increasing the types of practices like this, I feel that people will have improved access to services and thus get better quicker! I am thinking of starting my own practice and incorporating more holistic practices. I would love to touch base and have a mentor who has been through the process.
The idea of not being to comfortably afford something only comes up with cars and houses. For example, I travel more often, but still stay at youth hostels. When my boss asked me to completely drop my life in order to get this project done I insisted on a better cut of the revenue for the sacrifice. It turns out that was worth many tens of thousands of dollars. Ramit, I know you left location out of the equation, and that your focus tends towards the YUPs, but cost of living is a huge part of the equation.
But, they lack the ability to sell themselves so their income suffers. To have a courage to quit your lucrative job is quite a hard thing to do! Now, my natural cheapness feels bad. We drive inexpensive cars and spend our money on our rental house. Essentially, the big change is in my perception, not theirs. They knew I was a corporate manager all along. My husband hit k this year, so with both of us working, our net pay is probably k. Once he got this job, his pay increased dramatically, and several good raises later meant he crossed the threshold this year.
Our student loans are long paid off, and our frugal ways allowed us to pay for a lot of expenses this year in cash. My goal is for us to live on his salary and save all of mine in k and general savings. Keeping our expenses in check meant that we could handle several pretty big emergencies totaled car, our rented house being sold out from underneath us without too much hassle. Luckily, we borrowed a car while we were figuring what car to buy, and our new temporary lease with the new landlord is costing us less rent and allowing us time to save and find a house.
Generally, we do low-key get togethers, and only the occasional high-cost events. I think they might be surprised with what we make. How old are you? What, if anything, changed? I did get a parking garage for my car though I live in NYC. If your friends earn a lot less than you, does that ever present problems when hanging out? Let me sum it up with I took risks and gladly so. Accomplished—and awesome. Hello, put myself through college with no help from anyone financially except Mr.
Subsidized and Unsubsidized Fed loans. A sense of security. Things I do even now. Ooooh, with friends.
When hanging out…. Gay men typically do better in the work force where as lesbians tend to lean toward blue collar jobs firefighters, emt or teaching gigs gym coach …. That puts em at 50k I know, another generalization. I take home more in a year than their base salary. I tip the k with my side gig of reffing hockey. Great excercise and pay.
I too am in government — federal engineer. Does making k mark the begining of the stupid meter? Well, time for more coffee.. I made over k back 4 years ago when I was I hit the mark but had to sell all my time to get there, traveling like crazy working way too many hours. There are millions of ways to make money, you can never buy your time back. Tim, can you elaborate on your story?
Can you tell us how you broke free of the golden handcuffs and how you got your salary back up to a comfortable level? All jokes aside, we have no debt. She wants a Holland cruise on our 10th anniversary. My girlfriend gets more spending money and my savings is growing much faster. Other than that still living the same lifestyle as I was 2 years ago earning half what I do now. What do you do for a living?
Work for a Bank, in a LDP program just graduated with an mba in may. Then got a k job upon graduation. I was also pretty stoked to land a job in banking in one of the worst financial times in a long while. I felt really really proud. The wife and I kept the student life style or at least semi-student since we still had her income. Life is awesome when only one person in a couple has to work! Some got jobs with a much lower salary, and a few got jobs similar to my own… but some of them have their spouses work.
I would think that in most friend groups you revert down to the level of the person who is constrained by budget the most… unless you are grossly unaware of differences in income. Or people just opt out of expensive adventures, but do show up for pot luck dinner nights. I am a blogger from Brazil, and I am not using my real name for obvious reasons.
I have a big blog in the car business and I am 28 years old. Broke the k barrier this year. It wasnt easy. Takes around 2 million visitors per month to get there, here in Brazil. My problem was that I acted like I earned that sort of money when I first started out in this industry six years ago; I saw all of the big earners around me living the high-life, so I spent stupid money on credit cards and got myself into a huge hole of debt.
Not good. Now I have the debt under control but that came about through being much more careful about my spending. So for me, I actually lived much more extravagantly when I was earning less! I am quite private about what I earn, so it has never really posed a problem, although there have been occasional comments from people who come to stay at our house. We also spent quite a lot on getting married in Italy, and a few people made jokes about it being a royal wedding, but it was all good-natured I think! I make around k a year. Just seemed like an odd number and one I never would have thought of when I was younger.
Most of my friends make a lot less than I do which does present issues, mainly around travel. For example, in a week or two, one of my friends the only one who has a decent income are going to Hawaii to run a marathon and scuba dive. Luckily, my tastes in things other than travel are pretty cheap so a trip to Taco Bell and an evening of Rock Band is just fine for hanging out with them. Came across a job posting that was paying double of what I was already doing, so applied, got an interview, did well and got an offer.
Gave my resignation, but my company matched the offer. I bet many are sleeping not knowing their true worth! A lot has changed. All rooms in house are fully-furnished. Sister moved out and my wife took her place. We live normal lifestyle. Extra money now goes in our savings. Does it mean we skimp on fun? We do spend money where it matters and on things we like. At times, we help out friends by loaning them interest-free. Keep working buddy. Meaning you JUST bought all 3 of them? Nobody buys 3 brand new cars at once. Highly unlikely! In May I started freelancing. I have to see how the side money continues.
As for my friends, there are challenges within my group. Often times certain people want to go to nicer restaurants or take group trips and it ends up being a struggle for those who make less. We seem to do pretty well, though. Chipping in on life events like bachelor parties and making concessions in other areas i. Can I ask what kind of freelance work you are doing? Is it in the finance field? Btw, congrats on the new job! Hi, I would also like to know how you began freelancing in finance. Can you give any advice or pointers? Thanks in advance! My wife and I are both I work for a large financial firm and she is a teacher.
One thing that concerns me is that we are planning to have a baby in the next year or two. My wife will most likely shift from full to part time work when the baby is born. The key to major life changes is accurately anticipating the consequences. I think that changes can be good, also. Busted my hump in sales for a well-known beverage brand then decided I wanted to run an ecommerce business for the same company. Pitched it, got it, rocked it.
On time. That feels good. They still do a lot of things like college kids, stuff a lot of people into a vacation house, drive 8 hours when you could just fly, seek out every single happy hour in the city just to save a buck. It causes occasional issues but we make it. My email address is on my website. My wife also earns a very good salary. Not much has changed in our lifestyle. The biggest differences has been an increase in how much we allocate towards investing and how much we give in our religious offerings. Cannot relate to their money problems. Just turned 24 working in the Pharmaceutical industry and make just over k with k matching and bonuses.
When I first got my offer, it blew my mind. I still share a 2 bedroom apartment with 3 other guys and own the same old car. I always buy generic brands at the grocery store and the best deal at any restaurant we go out to. The only difference is I can be comfortably spontaneous whenever friends are going out for dinner or a trip somewhere without having to worry about how much money I could be saving by staying home and eating Ramen. There are too many blatant examples of people who blew their money irresponsibly to still live frivolously. My favorite story: Antoine Walker — NBA basketball player — look up his finances, it will blow your mind.
What kind of work you do in the pharma industry?
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Where exactly do you work? Enjoy Life to the Fullest. Sad thing is I am more productive dollar per hour doing private residential real estate deals than I do for my full time job. But I love them both and each job allows me to stretch different parts of my brain and soul. Plus I am so risk adverse to feeding my family off of real estate commissions.
Happy to reach the mark, but it has only spurned me to reach for other goals and not all financial. Nothing changed. Spending habits remained the same. Setting life goals for savings, property down payment, retirement, etc. Do I feel needed? And am I personally growing mentally, spiritually, etc. Not usually. I am pretty frugal and do not like to splurge. I thought it would feel great and be incredible.
Truth is, since my expenses were mostly inline with my increases it felt no different than before. They always seem broke and not willing to do anything to increase their income which drives me nuts. I am 38 and I make K and my husband makes about the same. We own a company that performs background checks for employment purposes. Our salaries doubled several years ago when we finally figured out what the heck we were doing.
It was a great psychological boost. Having reached that point my focus is to continue to improve things by increasing net worth and reducing the amount of time necessary to maintain that income so that I have more personal time. Also, it really has made me take a hard look at what k gets me these days as a homeowner and father of two children. No issues, but when I hand out it tends to be oriented around inexpensive activities, beer, bicycle riding, family outings, regardless of the income level of the friends.
There was not much of a change in feelings once I broke the k barrier, as I started there in my first job out of university. For the most part, the amount of money I make compared to friends and family has little impact, with two exceptions. The other is one of my best friends, who I will occasionally help out by investing in his film projects. Otherwise, my lifestyle is not all that extravagant, and there are probably a few friends who think I make closer to 50k.
Just found your blog today and I plan on reading your book! Finally someone in the medical field! Both are in the software engg. Once we earned over K, we 1. This was because family was visiting us. We have a lot of visitors since we live in Socal. Changed both cars. The rest we use to pay rent, credit cards in full every month and commute.
We commute a lot here in Socal. If anything remains, we use it for an exotic vacation which happens once a year. We prefer buying experiences. We live way below our means and save over half our income yearly and have not changed our lifestyle much. We have upgraded our home with a recent job relocation and we have taken some nicer vacations than we probably would have ten years ago.
We still hang out with the same group of friends that we have hung out with for the last seven years. I know some of these friends are earning considerable less than us as teachers and social workers but I have never sensed any problems due to the income gap. I know that we are no happier than our friends earning significantly less than we do. The main benefit is that we have been able to build and continue to build a financial security cushion that allows us to weather the ups and downs better than others.
OMG, half a century! I think I might be the oldest commenter on this post. At this level of my career, I probably need the degree to go further. I am a 31 year old attorney in a large firm in Los Angeles. I honestly wonder where all the money goes. I max out my k and also our HSA. What do friends think? Michael, We were in your shoes for many years. See my post below. You can stop feeling this way! I recently rejoined corporate America as a Senior Manager.
I also maintain several niche websites and a blog. Nothing much has changed, except my investment portfolios stocks, real estate, investments in small businesses have risen. I am still just as financially responsible now as I was back then. Majority of my friends earn less. Is it a problem for me? Never has been. I do sense the animosity sometimes, or some resentment amongst certain folks in certain situations, not all the time.
This is especially true when around some family — most of who are older, more experienced but making a lot less. I probably make the most out of my immediate group of friends, though I have some friends in the same ball park. Generally I avoid the subject of finances unless I am talking to friends of similar means. But in reality its just a number. With that said, it never presents any problems. Even though I made beans, I managed to max out both my k and IRA every year and still support my then girlfriend through school.
We travel on the cheap, but to really fun places. The other day, a visiting partner from DC asked her for a ride from the courthouse to his hotel. We do feel odd sometimes when hanging out with our college friends. Most of our friends are finishing up grad school, some were recently laid off, and some finished school at the worst time possible. We often pick up the check and we host most of our get-togethers.
Did you make it to management level and consider yourself lucky in the right place at right time or did you search and were hired makingthat much money? Seems rare from my experience and perspective in New York. Only took me 5 years post-graduation, not 7. Did 3. Good news is that I had a ton of goodwill and picked up a new job with a good firm as a senior accountant. Pay bump in private put me over k financial services, San Francisco still working hours similar to public accounting though.
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Like I said in my original post a major goal now is to maintain the income level with less time spent grinding away so I can focus on personal projects and family. Public Accounting — it is hard work but it can help our career with a rapidly rising trajectory. Thought I was doing pretty good, until I see these comments. I like that. Motivated… same here. Really surprised to see so many young people making such great money.
Hopefully the Earn1k course and promotion next year will help me get up around some of these numbers. No one really knows. When I get a big bonus i wish i could tell people but i am afraid of what they might think. My last bonus was bigger than what my dad makes in a year. My brother and mom and dad know i make over and they are happy for me but i have made so much this year i was worried about telling them. As a Christian, I feel that I can take no credit on my own I have been given a fast brain and an ability to convey my ideas effectively to others. My wife and kids have a better standard of living but not by much.
Still no TV. Though I would argue that lack of a TV improves your life. At that time, we were buying a new car yeah, I know, I know and was fretting about the cost. As a developer, which I do in my spare time outside my 60 to 80 hour a week at the hospital and clinic, I made ten times my resident salary in the past 12 months. Other than that, life is mostly only different in that we go out to eat a bit more extravagantly — but not more often — and feel free to do what we choose on vacation — which is rarely, given my schedule.
Give employees choices.
Oh, and I upgraded the Glenlivet I keep at home to enjoy and share to 15 year instead of 12 year. I do get questioned sometimes when people realize that I make some unknown to them amount on the side, and that can be a bit uncomfortable…. I agree with the comment a couple of posts up about location being important. Just happy to spend time with them when I get the chance. When my salary crossed that k milestone, I felt a sense of accomplishment.
Nothing life changing, but it was nice. My favorite milestone was hit subsequently when I hit the maximum Social Security contribution and got a bigger paycheck in December. Now I use the month that I max out Social Security as my benchmark. As a practical matter, not too much changed from an outward observable standpoint. Oh, I guess my one luxury is my child goes to a modest private school… that would be tough to make happen on a 5 digit salary.
When I do, as you might imagine coming from a man with both 1 year of spending money in the bank and a car with k miles on it, my lifestyle is compatible with a lot of people. He even has a MS and is published, etc. At first I thought it was because he prefers to work for startups low on funds and open source, but after asking around find the lower salaries hold true even for the big companies around here. Felt good to make over k but comes at a price. The biggest change was a loss of time more than anything else. They spend a lot more than I do.
Ps- I have decided not to make that much anymore. We just spend less now, it feels great to get rid of that overhead. It meant we accumulated a lot of debt in the 5 years following until we got a windfall stock option payout that allowed us to pay it off. We took that as a signal to move out of our expensive and greed-driven city to somewhere more laid back and start fresh with fresh habits.
I make a little less now still over k but actually save and have some left at the end of the month, and my wife is still able to stay home with the kids. My friends typically make more, but a lot of it is because their spouses have returned to work and their kids are raised in daycares. It can be bittersweet when I think back on the consulting and i-banking invitations I got after college and in the first few years of grad school and when I see where some of my non-academic friends are now , but we only have so many hours in life, and this is my contribution to the world.
One of my obstacles to earning more money is knowing that any sort of free-lance work I might do takes time away from making progress on my research. Might be an interesting challenge. I read this blog occasionally because the financial anxiety can be slightly distracting. I always thought it was crazy for college people I knew to take jobs that would provably, predictably make them unhappy…just for a little more money. And most of these people had no student loans. In fact, this is why I wrote my first book.
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Both had parents who worked reasonable hours and were pretty happy, or at least hid their disappointment. Neither of my parents had a good sense of what law would be like decades later, and their attempts to exit were unsuccessful. I thus focused on making a positive impact and am now running up against the realities of limited financial resources and an exceedingly demanding career.
When I crossed the threshold it was kind of an ego boost since most of my friends were earning half that or less. With my friends, what we do as a group kind of level-sets to the lowest common denominator, so my earning more money has no effect on what we do as a group. I am a pastor making a meager salary but I have supplemented it with commercial real estate investments. We are approaching a 6 figure income now from the cash flow on those. We live comfortably and my kids are able to experience so much more than I did as a kid. I encourage us to eat out at places that takes coupon or I tend to cook ramen noodles.
This is a big jump in salary for me — last time I was in this country I was earning only half of that. Of actually securing a future for myself. No problems with hanging out with friends, even though I only have one friend earning in the same range as me. In fact, many of my friends are still students.
And if not, I enjoy travelling independently just as much. When I first broke six figures, I would giggle whenever I thought about it, mostly because I am a high school dropout without a technical degree. But other than my own amusement, nothing changed. My friends, other than coworkers, have no idea what I make.
Most are under k and I know that because they occasionally brag about their salaries. The only thing that changed was being dumped into the real world having to work full time instead of hanging out all the time, being in class, etc. But some are not and still struggling, so we try to help them out, pay for things when we go out, etc. Most of my friends make more than I do. Most are resigned to working into their 70s to deal with their debts. The one couple that is clearly a little further along than I am make a good 60k more than my wife and I do and acted on my advice to get their financial crap together.
One set of friends is markedly less well off but there are no problems to speak of. They come up for supper and bring a bottle of wine just like everyone else. Some friends occasionally wonder how we manage to go on trips so often but no one really gets into the details. A lot of them are into housing as investments. He is a doctor in the Navy and I am a stay-at-home mom. But honestly, I do not feel anywhere close to rich. I am furnishing our home slowly with items from craigslist and I shop for clothes at Goodwill.
I wish we had the money to shop at retail stores, but there is just nothing left at the end of the month. We have money in savings and retirement, etc. Wow, nicole… With my very first full time job, making 38K a year, I was able to save half my salary living exactly the lifestyle you describe. How do you do it not to have anything left at the end of the month? No offence, but it blows my mind. Company more important. As of this month we have enough in savings that we can live on our current expenses forever assuming nothing catastrophic happens without any income coming in.
However, the big thing for us is the low expenses not out of denying ourselves, more out of habits and lifestyle. That means that a nest-egg grows rapidly with a good income, and a relatively modest nest-egg will suffice to keep us happy. I feel miserable today because i wasted 6 years of my life and this offer makes me more sick. I on the other hand will be making alot of money and I envy them. When we hang out now days I feel like a failure. I felt nice when I reached k and made me more ambitious, it also made me spend way, way more on my lifestyle so I became more attached and dependant to the money.
When I hang out with friends that earn much less than I do, I end up busting balls and having mini fights about theirs excuses and me trying to push their boundaries about whats possible. It made me to dislike people in new ways. I now have more money to play with and I usually buy something nice like clothes, books, treats, etc once in a while. Most of my friends are in the same category and all of us are responsible spenders. Soooo fascinating to read through these comments.
I love that most of the people who make over K think that there is no issue with their friends. We straddle an interesting income divide: some of our friends make a lot more, and some of our friends make a lot less. Frankly, I think being at a higher income level is more stressful than being at a lower income level, because then it falls on you to pick and choose the activities that you can both afford. I am 22 and still a student. Most of my friends are in the same category; so money is not really an issue.
Money alone cannot change your feelings in a major way. It a combination of things that do. I am a commercial lender and she is marketing manager. It certainly takes the stress away from worrying about the monthly bills, but with one kid and one on the way, there is always more expenses on the way. We purchased a home and use our excess cash flow to pay down debts aggressively so we are never cash heavy. We try to keep it real and just have fun. The harder relationships are with family members that have not done as well. I am now averaging about k a year due to bonuses last year, I made about k.
It took a long time to notice a lifestyle difference, since so much of the additional income goes to k , taxes, stock purchase, etc. The friends who work in my industry are making about the same as me, but other friends are struggling to get by. I make it a point not to discuss money with someone unless they are in the same income bracket, but I suspect that my friends realize that I am doing well. I often feel obligated to pay when we go out, which does bother me sometimes.
My goal is to produce enough investment income from properties or other sources, so that I can get out of this rat race. Having a decent income allows me to have the spare cash to invest. I will probably buy a duplex next year and work on getting positive cash flow on that. Both retirement accounts are fully funded. Partially we like this lifestyle — we enjoy the thrill of saving the way others enjoy the thrill of shopping.
Those who know are situation well agree with us that it seems nearly impossible. Somehow when the sq. After that, increases in happiness only move up in very small increments. Very little. I still haggle my ass off for everything, and I still lunch on delicious fifty-cent tacos every Monday. Not really. Most of or at least a lot of my friends earn way more than me and often offer to pay for things like flights, hotels, etc.
They offered that even when I made a lot more money, because I am pretty frugal—not to particular—and they have specific, expensive tastes. Honestly, I am a riot! I hear you on the bit about feeling the anxiety about investing in the further education programs. I have owned my own engineering business for the past 5 years and have 2 technical engineering degrees.
I make more money than most of my family which is where the problems come in I feel I have to help support them , my friends really never talk money to me. I have taken my family and friends on trips with me that I know they cannot afford and that is fulfilling for me. No one has ever been offended when I offer. I hold this belief that the more you make, the less of a life you have. Classic money barrier — believing that people who make a lot are sacrificing tons of other stuff and, implicitly, that money is evil. Not all activity is good activity, even if it makes you rich. Nobody should blindly earn more money.
Did you look at the article?
It says that earning more money and happiness are almost perfectly correlated, but at 60k the marginal utility of money in regards to happiness is very small. I earn over 60k and I plan on earning more. Knowing that the extra money wont make me happier has shifted my priorities slightly to help me enjoy life more. In any case, I somewhat agree with the happiness research, but there is also something to be said for the intellectual curiosity of seeing how you can be the best.
Being at the top of a field is a huge accomplishment… it just happens to come with a nice pay check. As for the question, I do not earn more than K. After seeing these stories I know that I could easily command that kind of salary. Time to get my ass in gear. The truth of the matter is that money comes to money. People who care enough about earning money want to take their earnings to the last level.
For the most part, people who make more tend to spend more. She has a nice house and a new baby, he pays 3, a month in child support, etc. My mom occasionally buys lottery tickets. Sure, they are not struggling, and can take nice vacations and go to nice restaurants and buy new electronics. But they are far from not having to worry about money. Living in NYC as we do , k is really not much. Job pays about k, but I make another 20k or so freelancing. Hit the k mark about 4 years ago. My goal in making money is to reduce the time I have to work, so most extra is saved or reinvested to earn more.
Things like nice used cars and gourmet coffee purchased at Marshalls will not change. I make no excuses for not making more, and I make no apologies for not making less. It just is what it is. Most of my friends do OK, but make less. I am really curious if we can get a breakout of base salary vs options and cash bonuses etc. Check this out. Once you hit 60k, any added income adds negligible amounts of happiness to your life. I agree with you about being the best you can be. Hitting lofty goals is important. I felt really pleased when I saved up my first k rather than when I earned my first k.
I had saved up k at I save 50k per year. I live frugal. I enjoy reading and watching cinema—my pleasures are mainly things of the soul or mind. I do like travel and I can do that without thinking twice. My girlfriend and I can eat whatever, wherever we like. Is the income from clinic work? Curious how you pull this off.
Most of my friends make significantly less than me, but it has never really effected things. I was always a tad bitter and looked down on my friends who got handouts from their parents in college some still do while I did everything on my own. My wife and I are 31 and will be doing K this year.
We make more than our friends but we put away most of our money so we only see in very little due to Automation through ING and use Wellsfargo as primary. We have our own tab when we eat out with friends and throw bottle service from time to time. When we made our first k, it was only money to pay off previous debt from school, but when we made over k, money just made life easier. Have no debt, but rent has increased to for a sqft high rise apartment near the beach. Driving this car to ground is more of a game to me now to see when it will actually croak.
Do you or your wife have any advice for someone looking to get into the medical sales industry? Any help would be appreciated. If you want to get into this industry, my best bet is to get to know who the head hunters are and get in touch with recruiters. Hi, Ramit — I am a gujju and an investment banker in Chicago. I was born to hard-working parents farmers in India and I walked 9 km each way to school up until the 9th grade. I self-financed my entire education including my MBA. In short, my life has been a struggle in the beginning years. I rent a condo with my wife and my little girl.
I tell myself that I never earned that money. It felt surreal. It made it a bit easier to pay the mortgage and start to pay down some of my debt. I can see how people can become bankrupt so quickly, all it takes is one emergency to start the downward spiral. Only rarely. Very interesting. I know some women who earn a LOT more than their boyfriends. It presents unique challenges. Honestly, not a lot changed because it was a slow and steady climb toward that number.
But, once I got there I reevaluated my life and realized I wanted to become a mom. Since I was single, I wanted to be free of any and all bills once I had kids. I paid off my car, credit cards and socked money away like crazy. When I found out I was pregnant with twins, no big deal again. Sure, our lifestyle inflated when we began working. We moved to a higher COL area closer to our jobs. We bought a car. We had a child. We have iPhones. We have no debt, max out our retirement accounts, save and invest on top of that, travel frequently to visit family, and live in non-extravagant middle class comfort.
Day to day, our lives are not substantially different from the time when we were on graduate student stipends. The main difference is that the amount of money that would make a significant difference to us has gone way up. We are lucky that most of our our friends are in a similar demographic with a similar, reasonably frugal mindset. I own small business.
Sales and marketing. I was 28 and felt like I had hit one of many milestones. I was working for another company at the time. I made bad decisions. My debt went up incrementally with my earnings. The first year I made k, I had more debt than ever before, and not from buying a house or car. No, my debt and spending habits kept my actual cash flow or wealth accumulation similar to many of those who earned less. I actually was the one avoiding doing things I would have liked to do.
My friends wished I would have been around more. I blamed it on being a single parent and child support, but it was really my bad decisions that created it. My earning power has never made me feel uncomfortable or unconnected to a friend.
I am on track again this year as well and try to meet or exceed my previous years earnings. I feel like I sacrifice a lot to try to do meaningful work that will help many people in the long term. It makes me sad that the kind of work I do is not valued more in monetary terms by society.
And not necessarily a better one. If I asked for people who took a science job, or a non-profit job, or an academic job, we would get a totally different turnout. Jobs that I enjoy doing are not of those that are well-paid. I really wish I like to do engineering, was in the field for a short time, not long enough to make the K mark, but good enough salary. Unfortunately, I could not stand being alone in a cubicle. Having little salary does not feel that good to me either. Keep in mind you can also do good, and make money.
Often it just happens on the side based on skills you have. For example, I know someone who works at a non-profit doing some great work. Thanks for all your comments. You have no reason to feel sad. Your work IS valued by people, and many of us in soulless industries wish that we had the courage to quit and work on something meaningful. I think about it every second, but I will admit that I have become spoiled by the income. It is our society that is warped when we pay celebrity athletes and the like some obscene amount of money, and PhDs can be making 50k.
I read every single post with rapt interest. Have a look:. Often times, I practically run the company. Lots of responsibility here. In my younger days, I felt trapped and wanted -even tried- to leave but was practically shamed inside and outside into staying. I am married 1. Not much here excites me.
On the fiscal side, I lived on air in my younger days which enabled me to buy my first investment property at I have since grown that side business and am up to 7 properties buying foreclosures. The hvac company pays me 41k last yr and I make 35k in rental income for a total of 76k. I first read Rich Dad, Poor Dad at 15, been on a roll pretty much ever since. I did, however, socialize just enough to meet someone who agreed to marry me! On occasion we dine out x month but are otherwise very careful. Hey Ramit, got any scripts for this? I love not being penned in by pavement, compact cars and claustrophobic living quarters.
Again, Frustrated but Curious but Mad.